Santiment Data on Whale Accumulation of Dogecoin

Cryptocurrency analyst and trader Ali Martinez has shared insights from Santiment that reveal a significant accumulation of meme coins, particularly Dogecoin (DOGE), by crypto whales over the past two days.

Adding to this, Whale Alert tweeted on Thursday that a large batch of DOGE was transferred to Binance, the world’s largest crypto exchange. Additionally, the Dogecoin community observed a notable engagement from Elon Musk, a prominent Dogecoin supporter.

210 Million Dogecoin Shoveled by Whales

According to Santiment’s on-chain data, in just 48 hours, cryptocurrency whales have acquired 110,000,000 DOGE. An AI-assisted crypto account on X suggested that this accumulation signifies possible market confidence, likely leading to bullish price movements while alleviating selling pressure on DOGE.

> Whales bought 110 million #Dogecoin $DOGE in the last 48 hours!
> — Ali (@ali_charts) February 21, 2025

Whale Alert reported that on February 20, an anonymous whale transferred 100,000,000 DOGE (equivalent to $25,421,462) to Binance from an unknown wallet.

> 🚨 100,000,000 #DOGE (25,421,462 USD) transferred from unknown wallet to #Binance
> — Whale Alert (@whale_alert) February 20, 2025

As of now, the originating wallet holds 139,907,982 DOGE, valued at $35,763,278 according to Blockchair Explorer.

Elon Musk Ignites Community with “DogeFather” Tweet

Today, tech mogul Elon Musk, a well-known Dogecoin proponent, humorously shared a photo of himself with a chainsaw, presented by Argentine President Javier Milei. Musk remarked that it was a tool against American bureaucracy, donning the nickname “The DogeFather” in the backdrop of the photo. He initially adopted this nickname in April 2021 during his memorable appearance on Saturday Night Live, where he endorsed DOGE.

> This is a real picture
> — Elon Musk (@elonmusk) February 20, 2025

This time, however, Musk appeared to reference his initiative, the Department of Government Efficiency (D.O.G.E.), aimed at auditing various U.S. government organizations to decrease governmental spending, having already shut down the USAID program which previously supported foreign governments and organizations.